WTI crude oil futures fell sharply after the U.S. Energy Information Administration (EIA) reported a substantial and unexpected build in commercial crude inventories of 17.4 million barrels, contrary to expectations of a draw. This bearish supply data was compounded by downward revisions to 2026 global oil demand growth forecasts from both OPEC and the International Energy Agency (IEA), who cited concerns about cooling economic growth and the impact of higher prices.